Intrepid Capital Management Inc. Sells 4,369 Shares of Garmin Ltd. (NYSE:GRMN)

Intrepid Capital Management Inc. lessened its stake in Garmin Ltd. (NYSE:GRMN) by 25.8% during the fourth quarter, HoldingsChannel reports. The firm owned 12,580 shares of the scientific and technical instruments company’s stock after selling 4,369 shares during the period. Garmin comprises approximately 1.3% of Intrepid Capital Management Inc.’s portfolio, making the stock its 19th biggest holding. Intrepid Capital Management Inc.’s holdings in Garmin were worth $2,595,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of GRMN. Passumpsic Savings Bank bought a new stake in shares of Garmin in the third quarter valued at $3,137,000. Diversified Trust Co purchased a new stake in Garmin during the fourth quarter valued at about $734,000. Montrusco Bolton Investments Inc. boosted its position in Garmin by 42.5% during the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company’s stock worth $88,937,000 after purchasing an additional 128,672 shares during the period. Baskin Financial Services Inc. increased its stake in shares of Garmin by 3.2% in the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company’s stock worth $30,724,000 after purchasing an additional 4,616 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Garmin by 1,580.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock valued at $50,570,000 after purchasing an additional 270,186 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN stock opened at $217.48 on Wednesday. The company has a market capitalization of $41.84 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The business’s fifty day moving average is $217.34 and its 200 day moving average is $203.59.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the firm posted $1.72 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. Garmin’s dividend payout ratio is presently 49.25%.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the transaction, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Susan Lyman sold 2,829 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the transaction, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,342 shares of company stock valued at $5,486,094 in the last quarter. Insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GRMN shares. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their price objective for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Tigress Financial lifted their price target on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Finally, Barclays lifted their target price on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, Garmin has a consensus rating of “Hold” and a consensus target price of $210.80.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.